If your personal or family situation has changed, it will very likely impact on your financial position.
2016 may bring new opportunities… a new job, increased salary, or maybe you are planning to start a family. Children starting school or finishing school can impact on your cash flow… either depleting it or as school fees come to an end make extra cash available to fund other things. For recent empty nesters, this year may be your opportunity to finally implement planning for your retirement.
But the year ahead may also bring challenges … caring for ageing parents or facing a relationship breakdown. As you enter these new stages in life, you will need support.
Professional support that guides the decision making for your future direction, and financial support to fund it. Here at Wealth Fundamentals we can help you to clarify what’s important and implement the steps for achieving goals.
There are 7 fundamentals for creating financial independence and they are necessary for every stage of life, although at each stage they apply differently or require greater prominence. For example, your Income Plan will be considerably different as a young professional in the midst of your career than when you are retired and no longer earn your income from working.
As a young professional, we can help you to implement wealth accumulation strategies by focussing on key fundamentals which include your Income Plan, Investment Plan and Debt Plan as key priorities, while still maintaining other fundamentals for rounding out your overall financial strategy.
Particularly in the middle stages of life, raising a family and managing education costs will have a financial impact and this is when Risk Planning as a key fundamental may be more prominent as you implement steps for protecting your income and your lifestyle.
As your circumstances change, and the family eventually leaves home, you will need to refocus your priorities again. At this time of life, your plan may need to make the most of additional income to reduce personal debt and begin preparing for your pre-retirement years.
Heading into your retirement may lead to a greater focus on your Investment Plan and managing your income stream not just to fund your day to day expenses, but later for your aged care. Estate Planning and addressing your medical and lifestyle wishes may also become a priority in your retirement years.
Whatever your situation, we are able to help you prioritise, so you can remain responsive to opportunities and needs, as well as considering your overall and longer term financial goals and objectives.
We invite you to take advantage of our Complimentary Discovery Meeting and allow us to assist you to manage the changes in your life, to help you get ahead or perhaps get you back on track for enjoying financial independence.
Matthew and Chris Lane are financial advisers at Lane Moses Pty Ltd ABN 56 092 186 117 trading as Wealth Fundamentals. Wealth Fundamentals and its advisers are Authorised Representatives of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL 357306.
This information is of a general nature only and neither represents nor is intended to be personal advice on any particular matter. Wealth Fundamentals strongly suggests that no person should act specifically on the basis of the information in this document, but should obtain appropriate professional advice based on their own personal circumstances.